Though smart contracts have incredible potential, they are blind to the world beyond the blockchain. For external information, these applications need oracles to provide them with data. Since a contract's input determines its result, the oracle involved with a smart contract ultimately has the power to decide how that contract behaves. To truly solve The Oracle Problem will undoubtedly require input from experts in many different fields.

So far, the approaches to the so-called Oracle Problem have each fallen into one of two categories: centralized oracles (which can defeat the purpose of even doing things with a smart contract at all) and rigid oracular consensus engines, which are difficult (and expensive) to develop, use, and upgrade.

We are taking a different approach: rather than committing to one particular solution, we're focusing on building extensible distributed frameworks and full-fledged signaling mechanisms. With these tools, we aim to build a worldwide oracle marketplace and ecosystem, and unlock the true power of the blockchain.

The minimal token is a standard ERC-20 token contract, implementing only the default token functionality. It implements atomic approvals, protecting against approval-related race-condition vulnerabilities that are present in many existing token deployments. It also incorporates a special-case transfer protection (which does not affect the transfer method signature), to prevent accidental direct transfers to the peg contract.

sPHI (Signal Token)

The signal token contract is based on the MiniMe token design, which is an ERC-223 (and ERC-20 compatible) token implementation that incorporates advanced functionality including balance-snapshot archives, direct token clone support, and optional token controllers.

Total PHI (Φ) Supply: 50,000,000

For further information regarding PHI, sPHI, and The Compound Token, please refer to page 11 of our whitepaper.

Auction Details

Token Pool

Token Allocation

Percentage

Community Auction

30,000,000 PHI

60%

Founders & Bounties

20,000,000 PHI

40%

Soft Cap: None (We intend to tackle The Oracle Problem regardless of the outcome of the token auction.)

Hard Cap: $21,000,000 (We chose this value as the “absolute maximum valuation we are willing to accept in the earliest stages of our project” and it should not be considered the figure we are expecting to raise.)

Details: The first phase of the auction requires the user to have a whitelisted receiving address. Anyone can apply to have an address approved and whitelisted via successful registration here.

Contributions to the Early Bird Auction will receive a 20% bonus in the quantity of tokens received, relative to the contributions made during the Main Auction. The Early Bird bonus tokens will be released (vested) in a series of five equal installments, each spaced one month apart, beginning one month after the distribution of the other (non-bonus-associated) Community Auction tokens.

Details: The second phase of the auction does not require registration or address whitelisting, though contributors will still need to recognize and agree to the Terms & Conditions of the auction in order to participate. The auctioned tokens will be distributed in proportion to contribution values.

For further information regarding the Token Auction, please refer to out Medium article here.